Rebound in Crypto Market In the Near-Term Is Likely To Be Temporary: JPMorgan
The post Rebound in Crypto Market In the Near-Term Is Likely To Be Temporary: JPMorgan appeared first on Coinpedia Fintech News
JP Morgan, in a research report last week said that any rebound in cryptocurrency markets in the near term is likely to be tactical and not the beginning of a new long-term bullish uptrend. This was because the price of bitcoin (BTC) is currently too high versus its production cost of $43,000, and relative to its volatility-adjusted comparison to gold, which is $53,000. It also noted that momentum in bitcoin futures has been weak in recent weeks due to BTC liquidations by creditors of Gemini, Mt. Gox creditors, and the German government.
